News by theedgemalaysia.com

Magma Group Bhd's (KL:MAGMA) former executive chairman Datuk Seri Ismail @ Farouk Abdullah has ceased to be a substantial shareholder in the hotel management and property development company, following a stake trim.

Malayan United Industries Bhd (KL:MUIIND), or MUI, will be sealing a deal to sell Corus Hotel Kuala Lumpur to a publicly-listed property developer, according to sources.

While shopping mall owners grapple with rising costs, KIP REIT (KL:KIPREIT) could stay resilient and offer an above-average distribution yield of 8%, according to Apex Securities.

Mah Sing Group Bhd’s (KL:MAHSING) maiden project under its premium M Grand Series, M Grand Minori, recorded a 90% take-up rate for Phase 1 of Tower A during its launch weekend.

With more jobs set to trickle in for Gamuda Bhd (KL:GAMUDA), investors should focus more on the wins than earnings delivery at the builder, said CGS International in lifting its target price to the highest on the street.

Exsim Hospitality Bhd (KL:EXSIMHB), formerly Pan Malaysia Holdings Bhd, has agreed with AmFIRST Real Estate Investment Trust (REIT) (KL:AMFIRST) to manage a planned RM45 million refurbishment and rebranding of The Summit Hotel Subang USJ, and to lease the hotel for three years after the revamp.

A new planning regulation that was quietly passed in June has given the Kuala Lumpur mayor excessive powers to approve developments in the capital city, a government backbencher flagged.

Prime Minister Datuk Seri Anwar Ibrahim has questioned the developer of the Residensi Aman Lumyan affordable housing project in Bandar Sri Permaisuri, Kuala Lumpur, over the absence of a school in the development plan of the project.

Construction firm Fajarbaru Builder Group Bhd (KL:FAJAR) announced on Tuesday that the company will rebrand as FBG Holdings Bhd, with the name change taking effect on Bursa Malaysia at 9am this Friday, Aug 8.

The Court of Appeal has upheld a judge's ruling last year that a developer owed a duty of care to the joint management body (JMB) of a condominium in Subang over defects affecting common property.